Free Trial

Spain's Tesoro Publico will...>

SPAIN AUCTION PREVIEW: Spain's Tesoro Publico will re-open the Nov 16, 2018
letra and May 10, 2019 letra today for a combined total of E1.0-2.0bln.
- RV: The 3-month Nov 16,2018 letra trades at a yield of -0.507%, down from a
YTD high of -0.255% on May-29 and trading 15bps outside of 3m EONIA. Meanwhile,
the 9-month May 20, 2018 trades at -0.424%, towards the bottom end of the YTD
range and 7bps above 9m EONIA.
- HISTORY: For comparative purposes at the last 3-month auction on Jul-17,
E0.735mn was allotted at an average yield of -0.470% and with a cover ratio of
3.44x. At the last 9-month auction, the Tesoro allotted E1.765bn at an average
yield of -0.387% and cover ratio of 3.36x.
- REDEMPTION: There is E9.5bln in redemptions this week which will leave net
cash flow positive at around E1.5bln.
- TIMING: Results are due to be announced at around 0840GMT.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.